Transwestern Brokers Sale for Promark Partners
March 10, 2022
BALTIMORE – Transwestern Real Estate Services (TRS) announces its Mid-Atlantic Multifamily Group has brokered the sale of two value-add communities in Glen Burnie, Maryland: Annabal Apartments, with 150 units at 7491 E. Furnace Road, and Glen Burnie Town Apartments, with 55 units at 201 Crain Highway N. Promark Properties sold the assets to Gelfund Real Estate Opportunities for $40.2 million, or $197,059 per unit. Transwestern’s Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio brokered the transaction on behalf of the buyer and seller.
“This transaction represents another strategic investment for Gelfund,” said Williams. “Both assets are well-located in a dynamic market and provide the ability to maximize value through strategic capital improvements as well as economies of scale from other locally owned Gelfund properties.”
The properties have undergone a series of interior renovations to update cabinets, appliances, countertops and flooring. As this interior renovation program progresses, new ownership will benefit from a competitive advantage in the submarket where modern apartments are in high demand.
“We continue to see strong interest for value-add workforce multifamily properties throughout the Baltimore and Washington regions,” said Sigmon. “The Glen Burnie and Anne Arundel County apartment markets have performed well with an extremely low historical vacancy rate and solid rent growth.”
According to Transwestern’s research affiliate, Delta Associates, Class A vacancy rates for low rise apartments in N. Anne Arundel County were just 2.1% as of December 2021, with stable rent growth in the Class B sector for renovated units.
Transwestern is currently marketing Quiet Waters, a 390-unit apartment community in Annapolis, Maryland, within the Anne Arundel County submarket. The property offers a strong return on investment with significant operational upside and value-add opportunities.
Transwestern’s Mid-Atlantic Multifamily Group provides a full range of investment sales services throughout Maryland, Washington, D.C., Virginia and Delaware. The group’s recent client roster includes Sentinel Real Estate, Federal Capital Partners, Foulger-Pratt with DLJ, Hampshire Properties, Aimco, Avalon Bay, Equity Residential, The Bozzuto Group, Fannie Mae, AIG Investment, Morgan Properties, Goldman Sachs, JP Morgan and Angelo Gordon.
Photos are available for download here.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.